Retail sales saw solid growth during June, increasing in most categories on a monthly basis and across the board on a yearly basis as the recovery from the coronavirus pandemic continued, according to the National Retail Federation.
“Heading into the back-to-school season, we expect record sales as families purchase electronics, shoes and backpacks for in-person learning this year,” said NRF President Matthew Shay. “However, as the drop in monthly auto sales indicates, retailers are facing product shortages and supply chain constraints.”
“Reopening of both stores and the overall economy has progressed, and even higher prices seen in some retail categories reflecting the push-and-pull of supply chain challenges haven’t proven to be a deterrent to spending, said NRF Chief Economist Jack Kleinhenz. “As more people get vaccinated and get out, some of the growth will shift to services rather than retail but there’s enough momentum to support both.”
The Census Bureau said overall retail sales in June were up 0.6% seasonally adjusted from May and up 18% year-over-year. That compares with a decrease of 1.7% month-over-month and an increase of 27.6% year-over-year in May.
NRF’s calculation of retail sales – which excludes automobiles, gas stations and restaurants – showed June was up 0.8% seasonally adjusted from May and up 12.1% unadjusted year-over-year. That compared with a month-over-month decline of 1.9% and a year-over-year increase of 16.5% in May. NRF’s numbers were up 19.3% unadjusted year-over-year on a three-month moving average.
June sales were up year-over-year across the board, led by increases at clothing, electronics and furniture stores, and also up in two-third of retail categories on a monthly basis, NRF reported.
